Wondering what home prices will look like in 2023?
Well, they’re expected to fall. On average, home prices will decrease 7% this year.
This is due to a decrease in buyer demand due to rising interest rates and inflation. Because the demand has gone down, home prices have responded by falling.
But take this into perspective: since February of 2020, home prices have soared 42%. That kind of makes a 7% fall in prices seem like a drop in the bucket.
Right now, we’re seeing the market rebalance and that means that home prices will come down a bit while buyer demand also decreases.
But it’s still a great time to sell and to buy! Homeowners are in a better spot to sell now than before 2020 and buyers will have a much easier time compared to buying in the past couple of years.
Want to get more stats on what our market is currently doing? Send me a DM and I’ll get you the latest data!